Well, we officially have a higher close in the SPY as of yesterday, so the higher high, higher low scenario continues. What does that mean? An uptrend, of course!!!
BUT, true chartists will be looking at the close in the SPY over the next few sessions. What happens if we barely violate the old high and then close below that level? The adage of old resistance becoming new support wouldn't hold.
Let's take a look at the chart:
Next, we have our trend following trade. SPY up, oil demand up, oil prices up, therefore, alternative energy stocks up. Remember in the beginning of March when we sold the 100 AND 95 strik naked PUTS on First Solar - FSLR. Well here is how the stock has performed in the past 2 weeks:
To wrap up the week, we had better than expected retail sales, but does news matter? It seems the stock market goes up to sideways no matter what. What will get it to go higher? What will get it to turn around and head lower?Forex market update: D-E-A-D, A-G-A-I-N-!-! Keeping the powder dry for next week, or the next, or the next...
Did I get out for a run yesterday? No. But I did get 30 minutes of yoga in - keeping the back and hamstrings loose as I skied hard on a mountain tour Wednesday afternoon and looks like we may get a little snow for tomorrow's day on the mountain. Deer Valley should be nice over the next few days as crowds will be solid, but spread out ove 21 lifts and amazing, wide boulevards to ski the soft corduroy.
Today, I will get out for a run before heading off for Local's meetings (final Tucson, AZ prep) and clients in the afternoon.
Have a fantastic weekend and Be Environmentally Cool with Locals Have More Fun and attending the final evening of the Wild and Scenic Film Festival at TMI.
